Loan Information

Borrowing Options For Parents:
Funding A Child's Education

The benefits of continuing your child's education are endless, and at times, it may seem like the educational expenses are too. At Dollar Bank, we know how hard you work to pay for your child's education, so we work hard to help you find affordable ways of funding it.

PLUS Loans

A Parent Loan for Undergraduate Students (PLUS) is a guaranteed student loan program designed to help parents pay for educational expenses at post-secondary schools.

These loans may be used separately or in addition to Stafford loans. You may be eligible for a PLUS loan even if your child did not qualify for financial aid or a Stafford loan. The amount which can be borrowed each year with a PLUS loan is determined by simply subtracting any financial aid from the total cost of your child's education. The variable rate is established by the federal government, and changes annually on July 1. Ask a Dollar Bank Representative for the current rate.

If you are interested in applying for a PLUS loan, ask a Dollar Bank Representative for an application. For more information click here.

Home Equity Loans

A home equity loan is a smart option for financing your child's education. Depending on the amount of equity you've built in your home, you may be able to borrow more and choose longer repayment terms than you would with other types of loans, because a home equity loan is secured by the value of your home. You can usually get a lower rate, and since the repayment term is often longer, you also get easy-to-budget, low monthly payments. Perhaps the most attractive feature of all is the fact that interest on qualifying home equity loans may be tax deductible under current tax laws (consult your tax advisor).

Home equity term loans and lines of credit are made to fit your individual borrowing needs.
  • You can borrow the entire educational expense all at one time with a Home Equity Term Loan. Your monthly payments will stay the same for the entire term of the loan, making your future budget planning easy.

  • You can borrow for educational expenses as they occur with either a Variable Rate Home Equity Loan or Line of Credit. Both options give you the flexibility of having credit available whenever you need it. Rather than reapplying for another loan each school year, you simply write a check for the amount that you need from your line of credit. As you make payments, that portion of your available line of credit is restored. For more information click here.
A Dollar Bank Representative can show you how much you can borrow with a home equity loan. Ask for an application today!

To try our loan calculators, click here.

The information presented in this publication is general in nature; it is not our intention to provide specific advice to individuals or a comprehensive discussion of the subject matter. We suggest that you consult with your financial or tax advisor, accountant or attorney to obtain specific advice or comprehensive information.
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